Analyzing why Algorand [ALGO] could be off to a flying start in 2023

Here’s why ALGO’s press time price level is important. The cryptocurrency recently dropped by almost 50% from its current monthly high. This is a sizable discount for many traders that might entice them to buy back. In addition, its latest low retested its November 2020 lows.The last time that the price was in the same price zone, it achieved a sharp bounce back. This means the same zone might act as a psychological buy zone; thus, investors should be on the lookout for another rally.

Surprisingly, Algorand’s metrics are demonstrating mixed results despite the support retest. For example, its weighted sentiment achieved some upside in the last three days, indicating that some investors are bullish. However, the weighted sentiment dropped later. Thus, suggesting that there is a lowerThe slight upside in the weighted metric implies that there is incoming demand, but it might not be enough to trigger a sizable rally.

Source: Digital Coin News (digitalcoinnews.net)

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